Parking a vehicle in densely populated environments is often a frustrating and time-consuming experience, with few available parking spaces and major street congestion. This is especially true in populated urban environments such as the downtowns of large municipalities (e.g., New York City, San Francisco, etc.). Moreover, parking is often in high demand near destinations or event venues such as neighborhoods surrounding sports stadiums, concert halls, amusement parks, or beach fronts.
Additionally, the high price of real estate has motivated many property owners to seek out non-traditional ways for property owners to monetize their real property assets. For example, homeowners often rent out rooms in their homes to tourists or travelers using an online home rental platform and car drivers provide taxi services using their personal vehicle to pedestrians using a ride sharing platform.
With traditional booking systems, a user may approach a parking lot and may pay for parking or receive a physical parking ticket in order to pay at a later time. These systems require expensive hardware and physical paper tickets for verifying payment. These systems are outdated, slow, and inaccurate.